The Marketing Mix | variables that comprise & tools

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The Marketing Mix | variables that comprise & tools | tinobusiness.com

Know what the marketing mix or 4P’s and what are the variables that comprise or tools are …

The marketing mix (in English: Marketing Mix ) is part of a tactical level marketing, in which strategies are transformed into concrete programs for a company to reach the market with a product satisfactor needs and / or desires , at an affordable price, with an appropriate message and a distribution system that places the product in the right place at the right time.

Therefore, it is essential that marketers know what the marketing mix and which tools or variables (better known as the are four p’s ) that shape.

 

 

 

What is the Marketing Mix or Mix Marketing ?:


  • Kotler and Armstrong, define the marketing mix as “the set of controllable tactical marketing tools that the firm blends to produce a desired response in the target market. The marketing mix includes everything the company can do to influence demand your product “ [1].
  • Meanwhile, the “Dictionary of Marketing Terms” of the American Marketing Association, defines the marketing mix as those “controllable variables that a company uses to achieve the desired level of sales in the target market” [2].

In short, the marketing mix is a set of tools or controllable variables that combine to achieve a particular result in the target market, and positively influence demand, generate sales, among others.

 

 

 

What are the tools or variables of the Marketing Mix ?:


In the mid 60’s, Dr. Jerome McCarthy (Trailblazer Award from the American Marketing Association) introduced the concept of the 4 P’s , which today, constitutes the most widely used classification for structuring tools or variables of the marketing mix.

The 4 P’s are: P roduct, P tough, P laza (distribution) and P romotion.

  • Product: The set of tangible and intangible attributes that the company offers the target market. A product may be a tangible asset (eg .: a car.), intangible (eg .: a cleaning service at home.) an idea (p. ex .: the proposal of a political party), a person (p. ex .: a candidate for president) or place (p. ex .: a forest reserve). The “product” has to in turn, their own mix or mix of variables [1]: 
Variety
Quality
Design
characteristics
Brand
Package
Services
Guarantees
  • Price: . It is understood as the amount of money that customers have to pay for a given product or service price is the only variable in the marketing mix that produces revenue for the company, the remaining variables generate expenses. Your variables are as follows [1]:
List price
Discounts
Accessories
Payment period
Credit terms
  • Plaza: Also known as position or distribution, includes all activities of the company that put the product to the target market. Its variables are as follows [1]:
Canales
Coverage
Assortment
Locations
Inventory
Transport
Logistics
  • Promotion: It covers a series of activities aimed to inform, persuade and remind the features, advantages and benefits of the product. Its variables are as follows [1]:
Advertising
Personal selling
Sales promotion
Public relations
Telemarketing
Propaganda

Conclusions:


The marketing mix is one of the most important tactical elements of modern marketing and whose classification tools or variables (the 4 P’s) has been established for many years in the basic structure of various marketing plans, both large, medium and small business.

However, as technological advances are enabling the creation of new scenarios for businesses, we also see new proposals classification for tools and variables are emerging marketing mix ;which they are intended to replace the traditional 4 P’s because they think they have run their course and are obsolete for current market conditions.

In any case, it is up to the company and marketers use and adapt the classification that best suits your needs and particularities; without forgetting that the ultimate goal of the marketing mix is to contribute to a tactical level for meeting the needs and / or desires of the target market by delivering value, clear all this in exchange for a profit for the company.

 

Sources:

[1] : From the book: Fundamentals of Marketing, Sixth Edition, by Philip Kotler and Gary Armstrong, p. 63.

[2] : the dictionary of Marketing, American Marketing Association, MarketingPower.com website, URL = http://www.marketingpower.com/mg-dictionary.php?

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3 COMMENTS

  1. […] The marketing mix: It is a set of variables or controllable tools that combine in a way that would achieve a particular result in the target market, such as positively influence demand, generate sales, etc. Among its tools or variables are the 4 P’s , that will support and enable the positioning of your product; therefore, we will see what each “tool”: […]

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